INANCIAL STATE
INDEPENDENT AUDITORS’ REPORT INDEPENDENT AUDITORS’ REPORT INDEPENDENT AUDITORS’ REPORT INDEPENDENT AUDITORS’ REPORT
To the Audit Committee of Massachusetts Credit Union Share Insurance Corporation and Subsidiaries Opinion To the Audit Committee of Massachusetts Credit Union Share Insurance Corporation and Subsidiaries Opinion To the Audit Committee of Massachusetts Credit Union Share Insurance Corporation and Subsidiaries Opinion To the Audit Committee of Massachusetts Credit Union Share Insurance Corporation and Subsidiaries Opinion
We have audited the consolidated financial statements of Massachusetts Credit Union Share Insurance Corporation and Subsidiaries, which comprise the consolidated balance sheets as of September 30, 2022 and 2021, and the related consolidated statements of operations, comprehensive loss, equity and cash flows for the years then ended, and the related notes to the consolidated financial statements. In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of Massachusetts Credit Union Share Insurance Corporation and Subsidiaries as of September 30, 2022 and 2021, and the consolidated results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinion In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of Massachusetts Credit Union Share Insurance Corporation and Subsidiaries as of September 30, 2022 and 2021, and the consolidated results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinion We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Massachusetts Credit Union Share Insurance Corporation and Subsidiaries and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Massachusetts Credit Union Share Insurance Corporation and Subsidiaries’ ability to continue as a going concern within one year after the date that the financial statements are available to be issued. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Massachusetts Credit Union Share Insurance Corporation and Subsidiaries’ ability to continue as a going concern within one year after the date that the financial statements are available to be issued. Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Massachusetts Credit Union Share Insurance Corporation and Subsidiaries and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. and appropriate to provide a basis for our audit opinion. Responsibilities of Management for the Financial Statements Basis for Opinion We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Massachusetts Credit Union Share Insurance Corporation and Subsidiaries and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of Management for the Financial Statements In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Massachusetts Credit Union Share Insurance Corporation and Subsidiaries’ ability to continue as a going concern within one year after the date that the financial statements are available to be issued. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Massachusetts Credit Union Share Insurance Corporation and Subsidiaries’ ability to continue as a going concern within one year after the date that the financial statements are available to be issued. We have audited the consolidated financial statements of Massachusetts Credit Union Share Insurance Corporation and Subsidiaries, which comprise the consolidated balance sheets as of September 30, 2022 and 2021, and the related consolidated statements of operations, comprehensive loss, equity and cash flows for the years then ended, and the related notes to the consolidated financial statements. We have audited the consolidated financial statements of Massachusetts Credit Union Share Insurance Corporation and Subsidiaries, which comprise the consolidated balance sheets as of September 30, 2022 and 2021, and the related consolidated statements of operations, comprehensive loss, equity and cash flows for the years then ended, and the related notes to the consolidated financial statements. In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of Massachusetts Credit Union Share Insurance Corporation and Subsidiaries as of September 30, 2022 and 2021, and the consolidated results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. We have audited the consolidated financial statements of Massachusetts Credit Union Share Insurance Corporation and Subsidiaries, which comprise the consolidated balance sheets as of September 30, 2022 and 2021, and the related consolidated statements of operations, comprehensive loss, equity and cash flows for the years then ended, and the related notes to the consolidated financial statements.
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2022 ANNUAL REPORT
49
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